Hero MotoCorp has broken down below important level of Rs 1,700. As long as it trades below Rs 1,700-1,750 there is a good chance that this stock might fall to about Rs 1,420 levels.

This stock has a good risk-reward ratio. If you could keep a stoploss of about Rs 1,770 you could look for targets of about Rs 1,420 on this counter. It is a clear head and shoulder formation on Hero MotoCorp. So, that should play out in the next few weeks or months.

Sell around Rs 1,670 - 1,690 with stoploss of Rs 1,775 for a target of Rs 1,420.

L&T:

Larsen and Toubro is one stock which is quite strong. Last time, when the index corrected to the level of Rs 5,680, the stock also came below Rs 1,400 level. This time around the correction in L&T has been much shorter and volumes have been lower compared to the last time.

L&T becomes a good bet from here. Expect a 10 per cent rise from here in L&T and a target of Rs 1,550 looks possible. Current level of Rs 1,400-1,390 is a good entry point. Keep a stop loss at about Rs 1,360.

Shrikant Chouhan, Head- Technical Research, Kotak Securities:

Wipro:

The stock has absorbed selling pressure at Rs 420 on a weekly basis. On the monthly chart, it has given a bullish break-out by crossing a strong falling trendline at Rs 420. Currently it is trading above this falling trendline comfortably and consolidating with a bullish bias between Rs 450-430.

We are expecting the stock to reach Rs 455 in next few days. In the next few months, we are expecting it to hit all-time high level of Rs 497.

Bharti Airtel:

The stock is forming a distribution pattern, namely head and shoulder at the top of current upmove with a sloping neckline support. If it sustains below Rs 285 then it will result into a strong bearish implication. In that case, the stock may fall upto Rs 265 or maximum to Rs 250.

Trade short in the counter below Rs 285 with a stoploss at Rs 300 on a closing basis.

Apurva Sheth, Technical Analyst, JHP Securities

Godrej Industries:

We initiated a sell call on Godrej Industries after a break down from a 'Head&Shoulder Pattern' on 21st February 2013. Since then the stock has achieved our target of Rs 270 and has rebounded smartly from the lows.

For the last fortnight the stock has been consolidating in a Flag Pattern in the range of Rs 285 to Rs 295 and is currently on the verge of breaking out of the same.

The stock faces resistance from the 50&100 EMA currently placed at Rs 297 and from the head and shoulder neckline resistance of Rs 300. However a breach above the same would again establish the stock in a medium term uptrend. Yesterday volumes were also on the higher side suggesting rising interest of buyers.

Siemens:

Siemens India witnessed a smart rally upto Rs 594 levels after hitting a 4-year low low of Rs 482 on 4th March 2013. However, this upmove is viewed only as a pullback from oversold zones and therefore it is just a relief rally in a much bigger downtrend.

The stock has been consolidating in a range of Rs 535-585 over the last fortnight which when viewed on hourly charts is taking a shape of a 'Bearish Head & Shoulder Pattern' and the neckline of which is placed at Rs 535 levels and a break below the same would again push the stock to Rs 500 levels.

Thus we recommend traders to short the stock at CMP of Rs 540 for a target of Rs 500 with a stoploss of Rs 555.

Disclaimer: The above report is based on technical views and information given by the analyst. Please consult your financial advisor before taking any position in the stocks mentioned.